Managing assets

European real estate fund regimes

In recent years the number of different types of fund vehicle available to, and chosen by, sponsors and managers of real estate funds has proliferated, to a sometimes bewildering extent.

Fund managers also increasingly face heavy pressures to control and minimise the regulatory and other operating costs of setting up and running fund structures, in a world that continues to look to impose regulation on all types of funds and their managers. Moreover, investors are increasingly sensitive towards incurring any significant tax leakages, and in particular tend more often to press sponsors to offer fund vehicles that best match the investors’ specific tax attributes.